From the outside it resembles a majestic mansion, from the sky it looks like a castle and inside it holds the history of one of the oldest surviving homesteads in Victoria.
The landmark Banyule Homestead in Buckingham Drive, Heidelberg, is back on the market, with price expectations in the vicinity of $5 million.
The eight-bedroom, four-bathroom property on 9085 square metres is one of the few remaining pre-gold-rush mansions listed by the National Trust and Heritage Victoria.
The 20 rooms include a ballroom, music room and large living areas. There is also a tasting cellar, four-car garage, tennis court, swimming pool and grand staircase.
Listing agent Nick Smith, of Jellis Craig, said prospective buyers include families, couples and people who appreciate the lifestyle and architecture of the home.
''There's a lot of interest based on the history of the property, the house, the character of the home, and the magnitude of the land, the lifestyle and the aspects [of the Banyule wetlands],'' he said. ''Homes of that age and era are very, very rare.''
Built in the 1840s for Joseph Hawdon to a design by architect John Gill, the Elizabethan-style mansion was later used as an arm of the National Gallery of Victoria to display paintings of the Heidelberg School, an Australian art movement of the late 19th century.
The homestead was sold by the state government in 1995 and was the subject of a planning row at the Victorian Civil and Administrative Tribunal when the owners applied to subdivide the southern end of the homestead and build three townhouses.
The permit application was rejected by VCAT because the land was subject to heritage and environmental constraints.
Dennis O'Connell, president of local action group Friends of Banyule, hopes the homestead would be bought by the council to be used as a gallery and that the planning row not be repeated. ''There are lots of uses that it could be turned to without actually modifying the existing building too much, physically or structurally,'' he said.
Heidelberg Historical Society secretary Janine Rizzetti said the organisation encourages buyers to look beyond its development potential and preserve the building and surroundings .
Mr Smith expects the property to be sold on or before the closing date for expressions of interest, May 7 at 4pm.